Labor Department numbers released today show that the U.S. job market exploded in November, with nonfarm payrolls surging to 266,000 and unemployment dropping to 3.5 percent.
Economists had predicted 187,000 new jobs and expected unemployment to remain at 3.6 percent.
CNBC reports,”The jobs growth was the best since January. While hopes already were up, much of that was based on the return of GM workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing.”
Average hourly earnings have increased 3.1 percent since last year and the average work week remained 34.4 hours.
September and October jobs reports were revised to show an increase in jobs numbers totaling 41,000. September increased by 13,000, bringing the total to 193,000 jobs added. October jobs numbers increased by 28,000 to 156,000.
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